Lloyd’s List: Kozimo Exports Pass 1m Tonnes Per Month

“Russia’s newest oil export terminal, Kozmino on the far eastern coast, is shipping out more than 1m tonnes per month on aframax tankers, offsetting some long-haul crude trade between the Middle East and Asian markets….Refiners in the US, China, Taiwan and Thailand have taken cargoes from the terminal to test out their suitability for their refineries, said Poten & Partners’ Weekly Tanker Opinion. ‘The regional distribution of cargoes thus far can be attributed partially to refiners just trying out a new blend of crude,’ the report said. ‘By offering competition to Middle East crude, the Kozmino terminal does threaten to reduce volumes of crude oil bound for eastern Asia markets on long-haul voyages.’ As the majority of cargoes are of a 100,000 tonne size, owners of aframax tankers have been the biggest beneficiaries of the new crude trade, especially for cross-Pacific voyages. ‘There are a number of ways in which tonne-miles lost through reduced long-haul voyages between the Middle East and east Asia could reappear. Although Kozmino cargoes will feed nearby Asian refineries, cargoes have reportedly been delivered in refineries in Los Angeles and Hawaii already,’ Poten said.”